Aortic Aneurysm Market Size Worth $6.5 Billion By 2030
Aortic Aneurysm Market Growth & Trends
The global aortic aneurysm market size is expected to reach USD 6.5 billion by 2030 and the global aortic aneurysm treatment market size is expected to reach USD 10.4 billion by 2030, expanding at a CAGR of 10.51% from 2022 to 2030, according to a new report by Grand View Research, Inc.
The growing geriatric population in developed countries, rapid adoption of sedentary lifestyles, and a rise in the number of tobacco smokers are expected to be the key factors driving the global market. According to a study published by the American Heart Association Inc., it was found that smoking was considered to be responsible for 75% of the excess prevalence of AAAs ≥4 cm. Furthermore, technological advancements in endovascular surgical procedures will augment the industry’s growth.
Cases of abdominal aortic aneurysms, especially in men aged 65 years and above, surpassed the number of thoracic aortic aneurysms by threefold. This has increased the demand for advanced stent-graft systems for AAA. Due to the lack of multiple treatment options and being a complex procedure, TAA procedures are fewer. This offers a lucrative opportunity to the manufacturers for developing advanced products for Thoracic Endovascular Aneurysm Repair (TEVAR).
The COVID-19 pandemic negatively impacted the AA market. Many government associations such as the American College of Surgeons and the French Vascular Surgical Society recommended the postponement of uncomplicated AA procedures. Many hospitals limited surgical activity related to aortic diseases, with EAVR being preferred over open surgery. As a result, the sales of AA devices reported a sharp decline. For instance, the endovascular segment of Microport Scientific Corporation witnessed a decline of 42.1% in revenue in 2021.
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Aortic Aneurysm Market Report
Aortic Aneurysm Market Report Highlights
- Based on type, the AAA segment dominated the market in 2021. The rising number of AAA cases, the presence of government programs for early screening, and increasing demand for minimally invasive procedures are driving the segment
- In terms of product, stent-grafts held the largest revenue share in 2021 as they have more than 50% share in the overall surgical treatment cost of a patient
- Based on end-use, the hospital’s segment is expected to flourish owing to a rise in technological advancement and high procedure volume
- By treatment, Endovascular Aortic Aneurysm Repair (EVAR), which includes minimally invasive surgeries, is expected to be the fastest-growing segment over the forecast period as it is more efficient than open repair due to fewer postsurgical adverse effects
- North America held the largest revenue share in 2021, followed by Europe, on account of well-established healthcare infrastructure, access to advanced screening and diagnostic tools for AAA, and favorable reimbursement scenario in the region
- In August 2021, Terumo Corporation received approval by the U.S. FDA for its RelayPro Thoracic Stent-Graft System to be sold in the U.S. to treat patients with thoracic aortic aneurysm and penetrating atherosclerotic ulcers